DP World, the world’s third-largest port operator, has sold non-core operations in Belgium, the latest in a series of disposals of non-core assets in developed countries, and has quit a venture in Yemen, it said on Thursday.
In Belgium, DP sold its stake in DP World Breakbulk NV and AProjects NV, whose assets it said were worth $61 million, to a company called Orienta NV.
DP, one of the more profitable parts of Dubai World and which operates three terminals in Belgium, gave no other financial details.
Rob Harrison, managing director of DP World’s businesses in Belgium, said the disposal would allow DP to focus on its expertise in container terminal management and related areas.
In Yemen, the Dubai-based operator’s local unit sold its 50 per cent stake in Aden Port Development Co for $27 million to its joint venture partner, state-firm Yemen Gulf of Aden Ports Corporation.
Under the agreement, DP World will cease its management of Aden Container Terminal (ACT) on September 20th, and Aden Port Development Company, a wholly owned subsidiary of YGAPC, will take full responsibility of the port’s operations.
Yemen Gulf of Aden Ports Corporation (YGAPC) makes the following statement:
“We are pleased to have reached an agreement with DP World on an amicable basis after due deliberation.”
“We are excited by the prospect of building on the progress made so as to further develop and expand the Port to realise its full potential as a leading modern and efficient transhipment hub,” the statement said. DP World makes the following statement:
“We are very satisfied with the agreement we have reached with the Yemeni parties including Yemen Gulf of Aden Ports Corporation (YGAPC). Our investment in the Aden facility was recognised by our joint venture partner, YGAPC, through the agreement reached today.”
The agreement reached protects the interests of DP World, its partners and the Yemeni parties who will run and operate a terminal boosted by two new Liebherr Super Post-Panamax quay cranes.
“We believe that the work we have started will go a long way in further supporting the facility’s position,” the statement added.
DP World Breakbulk is a joint venture formed in 2007 and operates a general cargo terminal at the Port of Antwerp, while AProjects offers logistical services.
The ports operator, which makes the bulk of its money from regional operations, has sold some of its assets in developed markets.